Kioxia Holdings shares were halted Monday following a surge in buy orders. The Tokyo-based memory chip supplier reported soaring profits and a record-breaking financial outlook.
The company expects an operating profit of ¥1.3 trillion ($8.2 billion) for the June quarter. This single-quarter figure exceeds the record profit earned during the entire fiscal year ended in March.
NAND memory prices more than doubled during the last quarter. Kioxia projects prices will continue rising due to tight supply conditions.
NAND chips are essential components for AI data centers using Nvidia accelerators. Kioxia is negotiating long-term supply contracts with major clients extending into 2027 and 2028.